M&A · Healthcare · Pharmaceutical Preparations
Innoviva, Inc. to acquire Entasis Therapeutics Holdings Inc.
Announced May 23, 2022 · Closed Jul 11, 2022
Deal value$113MEV $94M
Premium50.0%To unaffected price
EV / Adj. EBITDA—
ConsiderationAll cash$2.20 per share
Transaction
- Acquirer
- Innoviva, Inc. (INVA)
- Target
- Entasis Therapeutics Holdings Inc.
- Buyer type
- Strategic
- Offer price per share
- $2.20
- Enterprise value
- $94M
- Status
- Closed Jul 11, 2022
Deal protections
- Break fee (target pays)
- —
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Moelis
- To the target
- MTS Health Partners
- MTS Health Partners fee
- $2.6M
Sector context · Healthcare
- Comparable deals
- 43 in the prior 24 months
- Premium
- 50.0% vs. 45.0% sector median
- EV / Adj. EBITDA
- Sector median 19.3x
- Break fee
- Sector median 3.4%
Timeline
- AnnouncedMay 23, 2022
- Tender offerJun 7, 2022
- ClosedJul 11, 2022
Valuation · fairness opinions
Other analysis$1.73$2.65
Discounted cash flow$1.65$1.80
Trading comparables$0.70$1.85
Trading comparables$0.65$1.15
Precedent transactions$1.30$2.40
Offer $2.20
Implied value per Entasis Therapeutics Holdings Inc. share by analysis, from MTS Health Partners.